A Market Consists of Potential Buyers of a Good or Service

question 47

Multiple Choice

A market consists of potential buyers of a good or service. However, for a market to exist

• A) the business requires wholesalers and retailers.
• B) one firm must dominate in sales and product development.
• C) people must have unsatisfied wants and needs as well as a willingness and ability to buy.
• D) the product must be laboratory tested and approved by the Food and Drug Administration (FDA).

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Definitions:

SES

Abbreviation for Socioeconomic Status, a measure of an individual's or family's economic and social position compared to others, based on income, education, and occupation.

Drowning

A condition of suffocation and potential death caused by inhalation of water or other liquid, leading to respiratory impairment.

Obesity

A condition characterized by excessive body fat that increases the risk of health problems.

Heart Disease

A range of conditions that affect the heart, including coronary artery disease, arrhythmias, and others, leading to impaired heart function.